There are enough signs that an economic crisis is going to happen soon in the next 3 - 5 years.
Whether China's bubble will burst or the dollar will implode.
Do you guys think crypto will be as good an investment as gold in time of crisis?
As much as I would love for the dollar to implode, I wouldn't want for it to happen. The whole world will collapse and fall to misery. China's bubble is already on the verge to burst, its in the middle of a trade war. Crypto is not an investment. People think that, but its not. For me, at least bitcoin isn't. I use it as a currency and I proudly do so. But most people might actually resort to crypto as an investment. I watched Mr.Robot, and when everything failed and the entire banking system and credit/debit cards went down, people were hunting for crypto and hard cash. So you never know.
That's a good point, we shouldn't be wishing for something that would cause misery for the entire world. The dollar isn't the best solution, but it's the only solution that is working at the moment. We can replace it further down the road. We shouldn't hope for another big market crash in order to do so, however. Just like that scene in "The Big Short" where the guy tells those two younger bankers "You do realize if you win this bet, millions of people in America are going to be homeless". It's not a bet we would want to win. It is one that we need to be prepared for though.
So many points in where I agree for sure. I would love to see misery spared, but actions have consequences. America, just like China btw are living with maxed out credit cards. The problem for the US is that 1/3 of its debt is in the hands of China.
The problem is also that overspending is just not sustainable, the bill will come. Our grandparents' generation and our parents generation have accumulated a debt that our generation can't pay off. I'm wondering if country heads think that their debt will be forfeited.
As a trader, we just play the markets. If the big short on the dollar comes, you're a fool not to try to make money off of it. I think Bitcoin will stick around and I do think the value of it could go down as the dollar will crash, but when economies will recover so will the value of bitcoin. Getting in at the right price, that's what I'm banking on.